Annual report pursuant to Section 13 and 15(d)

QUARTERLY OPERATING RESULTS (UNAUDITED) (Tables)

v2.4.0.8
QUARTERLY OPERATING RESULTS (UNAUDITED) (Tables)
12 Months Ended
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Results of Operations

A summary of quarterly results of operations for the years ended December 31, 2013 and 2012 were as follows (in thousands, except per share data):

 

     March 31,
2013
     June 30,
2013 (a)
     September 30,
2013
     December 31,
2013 (a)
 

Revenue

   $ 150,422       $ 154,575       $ 168,191       $ 135,138   

Gross profit (loss)

     6,704         9,677         9,055         (1,775

Net Income (loss)

     2,787         4,279         3,276         (3,110

Basic EPS

     0.19         0.30         0.23         (0.22

Diluted EPS

     0.19         0.30         0.23         (0.22

 

     March 31,
2012
     June 30,
2012
     September 30,
2012 (a)
    December 31,
2012 (b)
 

Revenue

   $ 113,083       $ 137,227       $ 141,793      $ 129,237   

Gross profit (loss)

     12,668         13,905         (13,379     (9,354

Net income (loss)

     6,779         7,592         (10,372     (8,090

Basic EPS

     0.47         0.52         (0.72     (0.56

Diluted EPS

     0.47         0.52         (0.72     (0.56

 

(a)

We recognized contract losses of $18.2 million in the three-month period ended December 31, 2013, $10.9 million in the three-month period ended September 30, 2013, and $.6 million in the three-month period ended June 30, 2013, as required under the accounting for loss contracts under percentage of completion accounting. Contract losses increased in 2013 due mainly to the impact of de-scoping and final close-out of one of our major deepwater projects, as further discussed in the Note 1 under “Revenue Recognition” above. Losses in 2012 were due to the increase in estimated man-hours to complete one of our major deepwater contracts, primarily driven by revisions and delivery delays to specifications and designs by our customer in the third quarter of 2012 causing out-of-sequence work schedules to be used while executing the project. The customer also extended delivery of the first phase of the project as a result of these revisions. On March 7, 2013 we executed change orders with the customer which settled issues raised in a claim for additional costs on this project. Revenue for this claim was recorded in the three-month period ended December 31, 2012.

(b) We determined the contract receivable balance owed by Bluewater Industries on the Cheviot project as describe in Note 1 “Assets held for sale” would not likely be collected in full and recorded a $14.5 million reserve as of December 31, 2012. In March 2013, we terminated our contract with Bluewater relating to this project.